Advantage Leasing is an equipment financing company founded in 1992 in Milwaukee, Wisconsin. It now refers to itself as Advantage+ after the company decided to change its name in 2014. The company specializes in the leasing and financing of business equipment for manufacturers, franchises, restaurants, and distributors across the United States. The company does not offer any other lending options, such as SBA Loans or lines of credit.
Typical borrowers through Advantage Leasing are small business owners that need capital for purchasing equipment. Borrowers should have excellent credit histories to avoid high-interest rates and be in business for more than three years with consistent income. Borrowers are expected to select business equipment prior to submitting a completed application for a short-term lease through Advantage Leasing. Consumers that choose Advantage Leasing should remember that they must have a credit score of 550 or higher.
Small business loans from Advantage Leasing are typically used for the purchase of business equipment.
LQD Business Finance is an online lending company founded by CEO George Souri in 2010 in Chicago, Illinois. LQD has developed its own proprietary risk management platform to assist small business owners with comprehensive financing and offers a wide variety of lending options. Small business owners will need to have excellent credit histories and at least one year in business in order to be approved.
Typical borrowers through LQD Business Finance have excellent credit histories along with at least two years of consistent business income. These borrowers generally need fast access to working capital for a variety of business needs. Consumers that choose LQD Business Finance should remember that they must have a credit score of 550 or higher.
Small business loans from LQD Business Finance are typically used for location acquisition or expansion, working capital, purchase orders, account receivables, and refinancing.
SmartBiz was founded in 2013 with the goal of streamlining the Small Business Administration (SBA) loan application process to make the process faster and more efficient for businesses and more cost effective for banks. The company currently works with Golden Pacific Bank to provide businesses with an online application that lets them pre-qualify for SBA loans in as short five minutes. Businesses can obtain SBA loans from $5,000 to $5 million with ten year terms and interest rates of 6.5+ percent. Consumers that choose SmartBiz should remember that they must have a credit score of 550 or higher.
LendingTree was founded in 1996 by Doug Lebda, and seeks to empower consumers by providing a list a lenders from whom customers can qualify to recieve loans. The range of lender services extend to business, mortgage, auto, and personal loans. Since their founding, LendingTree has helped over 40 million people find the right lender and the perfect loan. They account for $251 billion in closed loan transactions. Consumers that choose Lending Tree should remember that they must have a credit score of 550 or higher.
National Business Capital opened its doors in 2009. Based in New York, the company customizes business finance for every size and type of business by offering many loan options. Loans include small business loans, accounts receivable financing, commercial mortgage financing, equipment leasing and financing, merchant cash advances, SBA loans, and more. Customers enjoy zero upfront fees and knowing within 24 hours of the approval decision. National Business Capital holds a 90 percent approval rate. Consumers that choose National Business Captial should remember that they must have a credit score of 550 or higher. National Business Capital is a member of the National Restaurant Association, a member of ETA, and an ASA associate member. The company is also an approved vendor with vendorseek.com.
Headway Capital has been loaning money to small businesses since 2004. They specify in offering lines of credit to small business who need a small cash flow to keep their business running. With their headquarters in Chicago, Illinois, Headway Capital offers funds to borrowers in a select 20 states. Since 2004 they have offered over $15 billion in loans to over three million borrowers. Consumers that choose Headway Capital should remember that they must have a credit score of 550 or higher.
Direct Capital is a financial company and division of CIT Bank, N.A. The company offers small to mid-sized business owners financing options as well as other financial products and services. Direct Capital provides equipment leasing and financing, working capital, and franchise financing options to businesses throughout the United States. Online complaints from previous customers appear to mainly concern high-interest rates and other fees the company charges for these loans. Direct Capital was founded in 1993 in Portsmouth, New Hampshire. According to its corporate website, the company has issued over $2.25 billion in loan funding to more than 80,000 businesses. Consumers that choose Direct Capital should remember that they must have a credit score of 550 or higher.
Wells Fargo is a long-time American financial institution, with roots reaching back to the California Gold Rush in the mid-1800s. Wells Fargo was founded in 1852 and opened for business in San Francisco and Sacramento, California. Since then, they have expanded with over 6,000 locations across the United States. The six-horse stagecoach is an easily recognizable symbol for Wells Fargo and dates back to the period of time when Wells Fargo operated a stagecoach line across the western part of the U.S. Wells Fargo is currently the fourth largest banking institution in the United States. Consumers that choose Wells Fargo should remember that they must have a credit score of 550 or higher.
Consumers that choose Lendvue should remember that they must have a credit score of 550 or higher. Company has not yet verified this profile. We recommend researching the top companies shown below:
Oracle Loans, an online lending company that started in 2014, has dedicated itself to providing loans with as much flexibility as possible. They maintain that their goal is to approve loans quickly, focus on small business owners, and foster a trusting relationship throughout the loan process. Consumers that choose Oracle Loans should remember that they must have a credit score of 550 or higher.
Do you dream of becoming your own boss? Or perhaps you’re already your own boss and want to expand your company. Those daring enough to take the plunge and apply for a business loan will find it can sometimes be a complicated process. To find a loan that fits your company, consider all the factors you’ll encounter when applying. Here are a few helpful things for you to know when looking for a business loan company:
Finding the right loan for your business is a daunting task. There are a plethora of business loans, each with unique aspects and requirements. Keep in mind all the factors that could affect your loan such as personal and business credit history, sufficient collateral, profitability, and cash flow. However, don’t let this discourage you. Don’t be afraid to ask questions and look around until you find the right lender and loan. Make sure to ask your lender what loans they offer and which one will help your business.The most important thing is to find a loan that will best benefit you and your company’s needs.
Lenders will want to know everything about your business. Take the time to tell them about your business, clients, and industry. You can also share how you plan to spend the loan money and where you want to be in the next 5-10 years. Additionally, be sure to bring any documents that can speak to the credibility of your business, including business and personal credit histories, business plans, proof of collateral, bank statements, tax returns, and any other legal paperwork.
You filled out your business loan application a few months ago and are waiting to hear back about the decision. However, the lender calls to inform you that your business loan was rejected. This news would bring anyone down and feel discouraged. In fact, this is the case for many people attempting to get a business loan. Some people never even figure out why their application was rejected. Before hanging up the phone ask what it was that influenced their decision. Sometimes it can be that your business involves to much risk or there wasn’t a clear business plan. Most of the time it is something that can be changed and fixed. Before you submit another application make sure to revisit all aspects of your business proposal to make sure they meet the requirements.
Traditional bank loans are probably the most common when starting to apply for loans. However, just because they are the most common doesn’t mean that it is the best fit for you and your company. Finding the right business loan company takes time and patience, so be prepared to shop around. Focus on companies that are best suited to your current needs.
Be aware of the following items that a lender will look for in your business loan application:
Personal credit score: Your personal credit score plays a key role in whether a lender decides to grant you a business loan. Lenders want to try to guarantee that you’ll make your monthly payments and pay back the entire loan. A personal credit score allows lenders to make a judgement call about whether they’ll approve the loan. Generally, most lenders prefer a credit score of 700+, but there are exceptions.
Amount of time in the business industry: Lenders will consider how long your company has been operating. Most lenders require that your company be in business for 1-2 years before they’ll consider you for a loan.
Collateral: Before giving you the loan, lenders will want to know that if something goes wrong they’ll have something tangible to sell. Collateral can be a car, real estate, work equipment, cash, accounts receivable, or other assets. Lenders tend to undervalue collateral as it lessens the risk they have to take. Undervaluing the collateral requires a borrower to provide more assets to secure the loan.
What types of business loans are there?
Depending on the company and industry you’re in, there are various options for business loans. Each loan lender will specialize in different kinds of loans, and not all of them will be right for your company. Some loans are customized for startup companies, seasonal companies, companies that need equipment, companies that want to increase their working capital and more.
Why should I get a business loan?
While loans can be risky, they can also benefit your company. You can get a business loan for a variety of reasons:
How can I increase my credit score and qualify for larger loans?
Many business owners choose to take out smaller, short-term loans. Consistently making on-time payments will build your business’s credit score and credibility, making it more likely for you to qualify for larger loans in the future.
How long does it take to get a business loan?
This can depend on a number of factors, but don’t expect to walk out of your lender's office with a handful of money on day one. Assuming all documents are correct and present, it can still take weeks or months for your business loan to be accepted. Research each lender’s application and approval process before taking out the loan, just in case it takes longer than you thought.
What’s the difference between a bad business credit score and a thin business credit score?
A business credit score is based on various factors, including your payment history, bankruptcies, liens, etc. A bad credit score shows that you have failed to make your scheduled payments, otherwise known as payment defaults. Whereas, a thin credit score means you don’t have a sufficient amount of business credit history, making it hard for lenders to determine creditworthiness. In both cases, it can negatively affect whether you get the loan.
How can I fix my bad/thin business credit score?
Fixing your credit score will take some time, but there are several steps you can take. Be aware that it could be a while before you see any drastic results.
First, pay all your bills on time or, even better, pay them early. A late payment will lower your score, and it only gets worse the longer you leave it. Second, be on good terms with your vendors. Your suppliers can make a big difference in your credit score. Some vendors will report your on-time payments or early payments to credit bureaus, which will raise your credit score. Another tactic to fix your credit score is to open more than one credit line. Or, you may want to try getting a secured credit card. A secured credit card allows you to set up a security deposit that acts as collateral. If you put down a $500 security deposit, your card limit is $500. Making regular, consistent payments to this card will positively affect your credit report. Last, keep your personal finances and business finances separate. A simple way to do this is to open two separate accounts, one for business and one for personal.
What is the best business loan company for me?
First, identify what your company needs. If your company is looking to expand, don’t apply to a loan company that focuses on equipment financing. The best thing you can do for yourself and your company is to take the time to find the right lender. Reading reviews, calling and asking questions, and reaching out to those who started their own businesses will help you find the best fit. Each business loan company will have different requirements and qualifications so taking the time to conduct your own research is key to finding the right business loan company.